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is where why are they only targeting s&p? why not moody and fitch who is also rating these collateralized cdos. >> i don't know why they would target only s&p. moody's is every bit involved. fitch, too. the whole rating system is broken because as you pointed out in your excellent piece leading up to this, that the rating agencies are paid by the investment banks. any time they are paid by the investment banks as their employees--their own employees pointed out, they're going to do what the investment bangs have banks have asked them to do, which is to rate these cdos. there were thousands of these cdos and cdos squared and all sorts of squirrly securities that were rated triple-a. and the reason why they were rated triple-a, that's what the banks wanted them to do. they did exactly what they were paid to do. the model is broken, all these ratings agencies that have this model should pay. the litigation should be brought against them. i don't i don't why it's just s&p. moody's was just as bad. fitch was justed a bad. >> jennifer: maybe they only had evidence to go after them first. i don'
moving here. we're looking at declines across the board. s&p in the news today. mcgraw-hill and moody's both weaker. down 14% on mcgraw-hill. josh is at headquarters with the latest. >> hey there. we're watching these rating agencies which are getting clobbered today. the reason is federal and state prosecutors planning on bringing civil charges against s&p for wrong doing in its ratings of mortgage bonds prior to 2008. s&p firing back. saying the lawsuit would be entirely without factual or legal merit. you can see mcgraw-hill owner of s&p moving lower. and you can also see the rival moody's slipping now hard into the red. back to you. >> thank you, josh. stocks off to a bad week -- bad start, rather, to the week. this comes after five consecutive weeks of gains. so while many investors are optimistic, our next guest is warning the quality of earnings is not that good. and the state of economy is not much better. which could mean we have more down days like today. >> all right. let's talk about it. chris weiland. also joining us here is mark martiak. but let's start with you, chris.
is this for these companies? s&p and moody's? >> it is very significant. i think a lot of people have really let this slip out of their minds in terms of the ultimate kind of consequences for what took place several years ago. and it has to be atoned for. and this is going to way heavily. a loft of people have put this out of mind. do you own any of these stocks? what do you want to do with this kind of news on the out and the uncertainty? >> two of the things we never want to get in front of is a regular tear change in legal actions. if we did own them, we'd be out of them right now. this is the thing we don't want to take chances with. >> i see. where's everybody else on this in terms of this market reaction? i mean, craig, was this justified, you think? sharp declines on moody's and s&p. >> yeah. i don't know how justified, but the market being so strong, it's looking for an excuse to go down. this could well be a reason. you know, some sort of headline risk like this. you're always exposed to. but here at the hodges funds, we'll use the selloff to buy great businesses on sale. so we are seeing a lot of op
're not. this is pay back time. >> pay back time for the downgrade, the u.s. debt. >> no. >> make the administration look bad. >> i don't buy it. they're going to start with one, start with s & p and the case go goes-- moody's the justice department is probing moody's among other regulators and looking into-- they're going to see what they can extract from s & p and if they can win in court. >> i know for a fact there have been congressionalal hearings on this. moody's had e-mails we're' talking about, will rate-- >> and in order the same sort of stuff. >> that's what i just said, that's what i just said, that moody's is-- because they're not going to go after them all at the same time if they know-- >> and why moody's first? >> and ultimately though, can this just be a scare tactic, in other words, hey, don't ever think about downgrading america's debt again or... well, look, i hope not. i hope it's not just scare tactics and frankly, i couldn't be happier, i was yelling and screaming in '08, this was fought in plain sight and the conflict of interest of rating something that you
's. certainly moody's and s & p were both criticized in a lot of the -- >> yes. >> but, you know, i'm not here to say anything about what happened to moody's. >> how long before we conceivably could go to trial here? >> well, there's a lot of things that have to happen in this case. i would say just based on other occasions, if there's a trial, because obviously we will try to persuade the judge, there's no basis for one, if there's a trial, i'd say a few years away. >> you're a first amendment, or noted as an expert on the first amendment, a first amendment attorney. that has been a defense in other civil cases for the rating agencies. but in this case the government is using forea. i don't want to go into the great details of that, but suffice it to say the burden of proof seems to be lower. and that the first amendment defense is not going to help this time. >> we're not making a first amendment defense in this case. we never, if somebody says, not that the ratings were not so good, somebody's prepared to say, what the government's saying here, you thought something else from what you said,
deal that moody's is downgrading the uk? are they going to downgrade the u.s. given our situation here, that we are moving from cliff to cliff? >> well, maria, i guess i'd have to go back to historical precedent. the last to ima rating agency downgraded it, the stock market did nothing but go up basically, and i suspect a little bit overseas. the uk is fitting in with our theme that european markets across the board are cheap and are historical models and as long as the bank of england is prepared to act in some form of fashion the way the fed has and the ecb has and increasingly the way the bank of japan is acting i suspect in international markets the path to least resistance should be up for the intermediate to long term. >> sounds like you both want to put money in stocks. >> overweight u.s. equities and underweight the european equities. >> fundamental comments on the same question. >> we're overweight risk and flip that around, underweight the u.s. and overweight europe and japan. have a nice weekend. >> found a mistake or two in your credit report. up next, you're not alone, but
by the u.s. government. cheryl: why not moody's? why just s&p? why not? >> i can't tell you what they have with regard to e-mails if s&p had more e-mails or forced e-mails than moody's or fish had. cheryl: there could be other agencies? >> find it hard to believe if you blame one and not all three, they would be in the same boat. cheryl: what defense strategy will s&p have? other than the easy answer, there's no case here, they don't have enough proof, what would a strategy be for us? >> the ones coming up, no longer holding muster is freedom of speech or gave general overview and nothing specific anyone could hang a hat on. in and ever itself, if you had access to information which you knew to be true, and you publish something otherwise, you'd be in trouble. in this case, if they believe they have information and can't show the files as of that time in history was reflective of bad information, that would be my defense. cheryl: but are they liable if they didn't, in fact, deviate from internal controls put in place at the time? i mean, does that mean they are liable for what they assert
. still, it does beg the larger question, if you're going after s&p, why wouldn't you gone after moody's as well, the other large ratings agency that engaged in so many of these practices that we're well aware of given all the e-mails unearthed and that which scott referred to. here's what holder had to say on the overall question of whether this was political payback. >> they did what they did assessing what the credit worthiness was of this nation. we looked at the facts, the law and the investigation that these great prosecutors and civil lawyers put together and made a determination that the filing of these lawsuits is appropriated, but they are not in any way connected. >> the settlement talks as we've previously reported, the government saying we want at least ten plus, at least $1 billion. mcgraw hill, the parent of s&p, had come back perhaps with $100 million offer. they also want an admission of guilt. hence, they have brought those charges, but it's going to be quite some time until we see them, if we ever do in a court of law. >> david, what's the answer as to why moody's is
questions why are they going after s&p and after moody's and not moody's and fitch? s&p, maybe i'm biased has been a leader in terms of telling people this is what we do. this is how we do it. they have been very open, more than the other two ratings agencies and i think the reason doj is going after them because they have been so open, saying this is our rules. these are our criteria. doj can look at that and say we think now we caught you on something you said you were doing but now you're not. >> we should point out that doj has been working on this case, i got this from a source that is advisor to the government for several is years now. they have been clearly looking at the rating agencies, following the financial crisis. they think, just because the other ones didn't get charged. that doesn't mean they won't get charged. they seem to think this is the best case they got because this is the first case they're bringing the my question to you though is this. the bankers would go around to various rating agencies and say, well, if you don't give us a aaa on this i'm taking it to this gu
for the power rundown. first up doj lawsuit against s&p. stupid, we didn't know better. why s&p, not moody's and fitch. >> it looks very bad s&p. it downgraded us, looks like revenge. >> downgraded united states government. >> not cnbc, of course. it just looks very bad. remember, one of president obama's big donors is a big owner of one of the competitors moody's not sued. this is causing a lot of doubt about the case. people don't think it looks right. >> revenge is what it looks like. but they are spending a lot of dollars -- >> we don't know if they might go after fitch or mood yzerman. >> that's right. if we did get something like a global settlement, it could be bad for all the businesses. look what happened to wall street research analyst after global sentiment of 2003. that business had its legs taken out from under it all together. the end of this case may be a big problem for all. >> there's the gong, mercifully. we move on, new scandal shaking up the sports world. this time in soccer with evidence tying hundreds of global matches to an asian betting syndicate. this may reach int
investment or not, s&p, moody's, they said sure, we all like it. >> altogether, i agree with you. if they had all done their jobs, perhaps this could have been avoided. think of this, that come out and said this is junk, saying we are giving aaa ratings for this kind of stuff, that is not going to set off a single problem or stop this from happening so i get what you're saying. go through all of them. gerri: maybe they will. what do you expect? years and years of litigation, millions of dollars spent on ridiculous attorney fees. >> it is the lawyer's fair employment act. you can hear the buzz saws cutting down every tree for 10 million pieces of paper, okay? at the end of the day they will argue and fight until the case for a couple hundred million dollars in delegation of no wrongdoing. melissa: thank you for coming on tonight. >> thank you. gerri: another warning of spending problems and president obama misses the deadline to submit a budget. can you believe that? but here's not miss the opportunity to place blame. our panel weighs in next. ♪ [ male announcer ] how could a luminous protei
the same kind of damaging e-mails at moody's that they have at s&p? >> presumably they have at least as many e-mails, whether they are damaging or not will be up to courts to decide. they were able to get into all of these. remember, back in 2008, a big congressional hearing with all three of these firms on the hot seat, and all of them responding to e-mails of the same kind that wound up in this civil complaint against s&p so you can presume, that yes, they have a fair amount of e-mails from moody's, a fair amount from fitch's, and the question is when and how will they use them? >> now, is there a danger of putting these firms out of business, scott? >> that's the issue. >> again, if you keep comparing this to the analyst scandals, south side research is nothing like it was, and can you argue that gave rise to a lot of other unintended consequences like a lot of insider trading, so if we get rid of these ratings firms and all the important functions that they have, what will that mean to rating this kind of debt that's out there and that's the question. a lot of others out there th
it is a start. >> it seems there might be a ratings war in the offing. a downgrade by u.s. ratings agencies can be bad news for any business, but moody's ratings agency has downgrade one of its biggest rivals -- mcgraw-hill, which owns the world's largest ratings agency, standard and poor's. it reflects a recent lawsuit filed against s&p by the u.s. department of justice in connection with the 2006 housing market collapse. a group of german politicians are on a trip to turkey to try to make amends for the mistakes the country's police made in the course of investigating a murder scheme. >> the nationalist socialist -- the national socialist underground group killed 10 people between 2000 and 2006, targeting immigrants, but it took german investigators until 2011 to crack the case. >> many in turkey feel the investigation would not have been so bungled i of nine of the victims had not been turks. >> the german politicians had come to apologize for the failures in investigating the neo-nazi murders. in talks with the turkish justice minister and other high- ranking members of the government, they
there might be a ratings war in the offing. a downgrade by u.s. ratings agencies can be bad news for any business, but moody's ratings agency has downgrade one of its biggest rivals -- mcgraw-hill, which owns the world's largest ratings agency, standard and poor's. it reflects a recent lawsuit filed against s&p by the u.s. department of justice in connection with the 2006 housing market collapse. a group of german politicians are on a trip to turkey to try to make amends for the mistakes the country's police made in the course of investigating a murder scheme. >> the nationalist socialist -- the national socialist underground group killed 10 people between 2000 and 2006, targeting immigrants, but it took german investigators until 2011 to crack the case. >> many in turkey feel the investigation would not have been so bungled i of nine of the victims had not been turks. >> the german politicians had come to apologize for the failures in investigating the neo-nazi murders. in talks with the turkish justice minister and other high- ranking members of the government, they emphasize that germ
moody's. mcgraw hill fell. they will sue s&p for being credit dummies on mortgage-backed securities and collateralized debt obligations. i don't know. is this meritorious? it seems there is no law about being stupid. they were stupid. but if you can't show intent there is no law about stupid. why do this? >> you have e-mails from s&p officials saying we sold our souls to the issuers of mortgage-backed securities. there is a case to be made for intent. i'm not a lawyer. i won't comment on the trial. it's not a far-fetched case. the systemic effects are zero. all of the errors in ratingses have been into the market. subprime securities have been trading off the actual cash flows as opposed to ratings. it may be bad and worse for mcgraw hill if civil suits get in on this. it won't affect markets. >> i didn't think so either. there is no session. profits are still rising. the fed is still on the easy side. actually, another interesting thing. because the stock market has done well, because the housing market is doing well, we have wealth creation which might put juice into the economy.
graw-hill, the parent company of s&p. moody's came down with it, even though they weren't particularly mentioned. today they had a pop up again. it was up 4 1/2%. >> right. last week was moody's worst week since october of 2008. today we can say they're the number two best performer on the s&p 500. certainly popping at 1.5% today. nicole: bad news for blackberry today, lauren. tell us about it. >> home depot, yet another company putting its employees on the apple iphone. david: all right. [closing bell rings] the market is down 20 points. looks like it is trading down as we get the bells ringing on wall street. the first trading day of the week. let's look what is going on here. the dow is down about 21 points. the nasdaq down as well. all four indices to the downside. just a tick though as far as the s&p and the nasdaq and russell 2000. nicole: the see the s&p is still holding the 1500 mark. a pair of safe haven and delicious consumer staple he wills stocks. i like saying delicious. s&p hitting 10th record high. hormel hitting its 17th record high in 2013. david: did you see what happened to. there. t
? a lot of people are asking why s&p as opposed to moody's and fitch as well? is there politic moat vision -- motivation behind this because the s&p has been critical of the government's own ratings. >> this has been a long time coming. this by the way is not just the u.s. government. about 15 states are also involved in this statute and a number of people have been asking why the, why there hasn't been an action taken to date about a primary cause of the 2007-2008 credit crisis whereby according to several commissions the inflated ratings were identified as a principle cause of the credit collapse. melissa: does that mean you think others will follow? do you think the other guys are just as guilty and we'll hear about it and what about yourself? >> i don't know whether there will be others. certainly from s&p's perspective they will say, they issued the same ratings as their two major competitors so why should they be singled out? i think it is a function what sort of investigations are underway at the other two firms. melissa: do you think they're looking at your ratings? >> we've alread
and the run-up to the 2008 financial crisis. s&p rivals, moody's and fitch have also come under fire for regulators for giving pristine credit ratings to sub prime mortgage debt which turned out to be toxic. the high ratings fuel the housing bubble which eventually burst. the move against s&p would be the first federal case tickets to major credit rating -- rating agency tied to the financial crisis. it was s&p that cut the u.s. aaa credit rating back in august august 2011. unbelievable. meanwhile, the obama administration has been getting called out for picking winners and losers in the energy sector, mostly losers. a new bill would eliminate all of the energy, all of the energy tax credits. would that make it even playing field for people in that this is? running me now, republican congressman of kansas superposed the bill. congressman, welcome to the show. are you trying to accomplish with this? >> several things, first of all. thank you for having me on the show and talk about this. this is about affordable energy for the folks in kansas and california. affordable energy that the
. there will several credit agencies involved. credit agencies led to the fiscal life. they didn't say s&p. there's moo moody's, all of these provided their opinion on toxic mortgage bundle and led the collapse. >> that same question was posed to a justice department official today. let's listen to what he had to say. >> why is there only a suit against s&p and not all the issuers mentioned in the various deals in your complaint? >> again, we do believe it was fraud, which is why we've charged s&p with that. and again, as regards any other institution or any other individual, we are just not in the position to make any comments on where we are in those regards. >> do you want to chime? >> but with a lawsuit you put in all the parties you suspect may be responsible. you don't pick and choose. this is a civil lawsuit, not a criminal one so talking about civil fraud and damages, bring in the parties who key responsible. s&p, mod h moodiys. >> i want to get the substance of the charge. mel lisa, you read the documents. does the justice department have a case? >> air stupid e-mail and song at the heart of t
with s&p, the trouble that they're in with the government, moody's stock's been punished by this, too. how much moody's do you still own? >> well, we own -- we haven't changed our ownership in at least, at least oh, i don't know, i'm sure almost a year. i mean, with moody's we own over 10%. so any time we have, as we had a purchase which we haven't had or a sale we have to report it within two days. so that gets picked up very, very quickly. and i know we haven't sold any anyway. i'm not at the office now so i don't have the number of shares in front of me. but it's something over 10% because we're still in a situation where we would have to report within two days if we bought or sold any. and we haven't sold any for i don't know a long time. >> what do you think about the government's case against first of all s&p, and then potentially that spreading out to the other ratings agencies? >> well, we'll just have to see what the facts are in the law. and they've standard & poor's so they must think they have a somewhat better case against them. but obviously if standard & poor's were to
action against moody's. any such move will likely wait until the s&p suit makes its way through court. authorities moved first against s&p because the paper trail is stronger than with moody's. taking a loot shares, mcgraw-hill down 1% this morning. moody's is up slightly. those comments trying to deflect criticism that it went after s&p because s&p downgraded the u.s. >> tit for tat. >> absolutely. >>> usain bolt could be ready to end its british boycott. george osborne has granted this summer's london grand prix meeting a one off tax amnesty. >> under uk law, athletes competing in the country have to pay 50% tax on their appearance fees and 10% of their annual worldwide earnings. it follows a legal lawsuit against entree agassi in 2006. some of your favorite athletes don't make it to the british competitions. >> we wondered, is it fair for athletes to give special tax breaks? john says it's okay as long as all athletes are giving the same. they haven't just given usain bolt. anybody competing in that event will be excluded. >> in the same way that the olympics are excluded and -- >>
is set to continue. >> it seems there may be a racings war on the horizon. a downgrade by the u.s. grading agency can be bad news for any business but now moody's has downgraded one of its biggest rival. one of the largest rating agency, standard and poor's it present it was most recent award with the department of justice associated with the housing collapse. >> and a meat processing splant suspected of mixing horse products in products sold with meat. they are removing products that were falsely labeled with let. >> brussels has given the go ahead for a testing of made products. >> when it's served up, consumers cannot easily distinguish between horse meat and beef. horse meat has been found in a number of places including school lunches. scale of the problem. >> i welcome the european's decision to introduce screening so we can determine if this is an isolated different or if hey are spreading worldwide, consumers were duped on horse neat more than 10 countries. falsely-labeled meat didn't just show up in lasagna it was also found in ravioli and grew losh. german authorities we
in motion. >> welcome back, everyone, we have been talking about the u.s. and some of the stiff economic headwinds they're facing and how about britain? their economy facing a serious new setback. moody's announcing the first ever downgrade of the u.k.'s pristine credit rating by a whole notch. claiming growth in political turmoil for throwing the deficit reduction plan off course. still, prime minister david cameron says he has full confidence in the finance minister george osbourne, and britain now joins the u.s. in france and having lost its triple-a rating from at least one major agency. >> well, meantime, here at home, a triple threat to the u.s. economy is now taking a toll on businesses and consumers, some economists are now seeing new warning signs that higher taxes, flat wages, and growing debt are slowing our already struggling economy. in recent days woe've seen that wal-mart is stocking more shelves for less expensive products, to adjust for consumers purchasing power and we've jumped gas prices, nearly 50 cents, 50 cents in the past month alone. in addition to the tax cut t
would be significant pressure on moody's and s & p, the two dominant firms. how has it been to gain currency in this market with the various issuers and the like since you started the business? >> we felt very welcomed. we just finished our first full year of ratings. we ended up in third place in the league tables and cmbs, commercial backed mortgage securities. the investors have really been the key to that. looking for better quality and legitimate research with no double entran dra. >> assume you are excited, i don't know if that is the right word, tough see opportunity as a result of the pressure s & p is going to be under. >> very clear from this lawsuit that they are going to have years of difficulty defending what is really unconscionable behavior, those of must the field understand has been taking place a long time this is the reason, this lawsuit is the reason i went into this business, to try to change this. this industry, this industry was out of control and this lawsuit calls the question in a serious way. >> floyd abrams, lawyer for s & p, i interviewed a couple days a
now. they do indicate a bit of a mixed opening. >>> the u.s. justice department is looking at suing moody. the government is likely to hold off until a similar lawsuit against rival standard and poors is tested in the courts. both ratings services are accused of inflating some mortgage bonds. >>> if you drank, how the price of alcohol could effect your life. details of a new study and how the price tag of that drink may keep some people alive. >>> and out of this world science project becomes a youtube sensation. the local students who is behind it. >>> welcome back. a houston woman is facing vehicle homicide charges in a super bowl tragedy. they were killed in a suspected drunk driving accident. it happened just outside of new orleans just hours after sunday night's super bowl. prosecutors have filed felony charges against the 26-year-old woman for the deaths of brian and alice young. louisiana state police say she was drunk when she plowed into the couples car several mile from the super dome. >>> increase in alcohol prices could help reduce the number of alcohol related deaths. c
, listen, i know that s&p and moody's, the whole rating industry is very frightened by this because the journalists of free speech opinion which they sold doesn't really hold up under the 89 act that they're bringing this suit. the government is saying falsely saying that these were independent and objective ratings, and also it's sort of like the -- you know, the bartender at the party handing out the fake ids, right? what happened here the rating agencies many of them were involved in structuring the deals. we had sec e-mails uncovered. so, you know, and they were questioning the veracity of the deals that they were rating. >> the congress cannot -- [inaudible]. the congress would like to do that, but it can't. stuart: yet again, however, just laying the charge ruins the company. mcgraw hill is the parent company of standard and poors it went down 14% yesterday. >> and the government is immune from the consequences of the catastrophic losses that it has caused the shareholders already. stuart: i think it is political retribution, but that is an opinion of mine. i think perhaps you
. arthel. >> molly henneberg live from washington. thanks. >> as the u.s. faces its own economic problem, britain's economy is facing a serious new setback. moody's, the credit rating agency, announced the first ever downgrade of the u.k.'s pristine credit rating by a notch, blaming weak growth and political turmoil for throwing its deficit reduction plan off course. david ram con says he has full confidence in his finance minister, george osborne, despite criticism that their debt strategy is failing to deliver, britain now joining the u.s. and france in having lost its triple a rating from at least one major agency. >>> serious new concerns out of iran asment country's powerful revolutionary guard begins new military exercises, at the same time iranian scientists announcing plans to build at least a dozen more nuclear power plants. conner powell has more from our middle east bureau. >> iran announced it found a new large uranium deposit which if true, would triple the size of their known supply. under the current sanctioned regime, iran is not allowed to import uranium, so a find this
s&p is being sued. while s&p's parent mcgraw hill stock dropped by 24%, moody's is also down by 20% since this news broke. let's ask two key questions right up front. first, is there a smoking gun inside s&p? or is this political pay back for s&p cutting the u.s. debt rating back in 2011? here's what the attorney for standard & poor's floyd abrams told david faber on cnbc earlier today. >> i don't think anyone knows. is it true that after the downgrade the intensity of the investigation significantly increased? yeah. i'm sure the government would say that it had nothing to do with it. we don't know why. >> but it did increase after the downgrade. >> yeah. >> but you don't though wt tho'. >> how could i? >> eric holder addressed that at his press conference today. >> they did what they did assessing what the credit wor y tth worthyness was of this nation. we looked at the facts, the law, the investigation that the great prosecutors and civil lawyers put together and made a determination that the filing of these lawsuits was appropriate. but they are not in any way connected. >> joi
is the parent company of s&p, raising that question why s&p? why is moody's, another rating agency, why are they not being targeted? i talked to an attorney earlier today who thinks mood moody's we brought into the fold. for now it's only s&p. here's what the complaint asserts, that the considerations regarding fees, market share, profits, relationships with issuers, improperly influenced s&p's rating criteria and models. what they're saying is there's two sides to the business at s&p. they give ratings on things like mortgage backed securities, the instruments that caused the financial crisis when homeowners couldn't pay their bills. they're saying the church and state, if you will, that's supposed to be in place at s&p was not in place and that fees are being collected based on these good ratings. they say that's illegal behavior. there's also kind of an interesting component in that they've got in witness analyst d, if you will, at s&p who was basically using the ole talking heads song from the '80s, burning down the house. he was putting out a video, an e-mail, making jokes about th
the government's lawsuit against s&p. reports say schneiderman issued a s&p to s&p and sent request for information to moody's and fitch ratings. >>> china auto sales setting a monthly record in january. the china association of automobile manufacturers reporting sales surged 46% to more than 2 million vehicles. >>> the newspaper union that fought tribune over a $67 million executive bonus proposal is asking the court to order tribune to pay the legal fees the fees total $358,000. >>> financial services going public in hopes to raise $290 million. they are filed documents for a initial public offering. that is today's speed read bus bus. david: bingo. right on the mark. home sales rose in 2012 to a five-year high. rates on a 30-year fixed mortgage have been attractive. the fed argued that robust housing market will bleed into all other sectors of the economy. why not join the crowd? our next guest says if you do you will join a crowd of lemmings going off a cliff. former reagan budget director david stockman, author of the forthcoming book, the great deformation. the corruption of c
's being sued. you have moody's stock is down. what was it, 15%, 16% at least. s&p down -- mcgraw-hill, excuse me. >> put yourself in that jury room. you're in the jury, the prosecutors bring in cats. remember the e-mail that says -- >> it will take place years from now. >> maybe not. justice department, the wheels of justice work swiftly when it comes to a case where they have e-mails saying the cows can do a better job. >> and the statute of limitations, if you go back to '07 -- >> now that they've charged, they've charged. >> bring farm animals in. you have them rate cbos, good, bad, and you see how mcgraw-hill did on these, and you see the cows did better. the prosecution will rest. that's a joke. can you imagine if cows did a better job? >> we've been living with that for a long time. >> they could have brought the case years ago. >> we'll see what the context is. >> why didn't they bring this years ago if these e-mails have been around? >> that's what david's question was yesterday. >> last night reading the complaint, there's a great page 53, where they had a better rat
with a brazilian group, for $23 billion. and american airlines and u.s. airways announced an $11 billion merger. joining us now is mark zandis chief economist of moody's analytics. so many reports of starts and stop of the recovery. what are the possibilities this is a sustained traction? are the possibilities this is a sustained traction? >> i think this is the real deal. confidence is improving and confidence is key to a better economy. these investors in these companies feel good about their prospects. of course they have very low interest rates record low interest rates that they can borrow to help finance those purchases. and the shareholders in these companies feel like they're get a fair deal because stock prices are back close to record levels. activities are back to levels we haven't seen since before the great recession and i think that means the country is getting back to normal. >> axelrod: so confidence is going tow produce deals but i think what a lot of people want to know is what does that mean for job creation? >> good question. in the near term, i think it means job losses be
and a cuba libre. rum. i always have with diet coke because i'm dieting. rum and diet coke. >> so '70s, man. >> bill: i know it is. >> i worked for the moody blues. >> you worked for the moody blues? >> bill: i think this is '50s, rum and diet coke. i didn't start it until i started dieting. i don't get drunker on it. i only have one. >> maybe you're too drunk to know. >> is there any taste in rum? >> rum? absolutely. >> really? >> there's different kinds of rum. malibu pineapple rum. >> mine apple rum. >> flavored rum. >> bill: we'll do a rum tasting here some day. we do booze segments every once in awhile. usually on a friday and then we roll into the weekend. all right. here's what i want to know. let's get to the serious news of the day. why are you here and why are you not at the prayer breakfast? >> you know, i would go. i actually do have a spiritual life but actually, i was not invited. as i'm not to so many events these days. deeply disappointed. maybe i'm not -- >> bill: do you think it is appropriate for the president and members of congress to show off their religion one day a y
more on the day's economic news and the rally on wall street with moody's chief economist here in just moments. but international turmoil has created an uncertain future for u.s. interests abroad. secretary of state hillary clinton's last day in office marked by a deadly terrorist attack on the american embassy in turkey. fox news national correspondent jennifer griffin with our report. >> reporter: the 67 secretary of state has le the building, a packed stairwell for hillary clinton as she exited. her staff wind the state department of to say goodbye, many believing they will see her on the public stage again in 2016. >> i am very proud to have been secretary of state. i will miss you. i will probably be dialing up just to talk. >> reporter: with a cloud of benghazi hanging over her, secretary of state clinton's last day was marred by another attack on another us. embassy overseas, this time a suicide bomber in turkey at the gate on the perimeter of the embassy. an embassy that has been slated to be moved for security reasons. the state department today emphasized security at the emba
. he said he has to see what the facts are with the s&p case but he said it must think that moody's would obviously be a secondary logical target if the government wins that case against s&p. and we also talk to him very briefly about a couple of other issues, brought up nyse, all the stories about his interest in the nyse. he said while someone at berkshire was contacted it was not him. he was not contacted person and he did not have any interest in the nyse on that part of it. he talked about this deal, 20% on the opening stock price, more than $72.50, because it was strayeding above that, heinz stock above that. he said no way, you're not getting another penny out of him. guys, i'll send it back to you. >> considering the stock was hitting an all-time high, 20% premium on top of that is a rich multiple. >> when you get 20% of your all-time high, interesting here, bill johnson, the longtime ceo who fought off nelson peltz years ago. he became a board member. my reporting, seems clear they know the potential strategics out there, had conversations with many of them. it is seen as
? >> well, keep your eye on moody's, which is falling this morning. the credit rating agency said quarterly profit jumped 66%. forecast 2013 earnings above the street's estimates. moody's has been under a lot of pressure since the u.s. government launched that civil suit against rival s&p. reuters reporting that the justice department and some states are discussing suing moody's as well. there are also reports that new york's attorney general has formally requested information from moody's. so lots of worries here about legal risk. moody's conference call starts in just about an hour. carl, back to you. >> thanks so much, josh. senator richard blumenthal bracing for storms in his home state of connecticut, maybe on capitol hill as well. however, that's a different kind of storm. he'll join us later on to talk about nemo and the sequester. >>> plus, she's 16, she's an actress, and she's a stock trader. the details on the phenom behind fox on stocks is next. i'm glad we got cdw and cisco to design our data center. yeah, the cisco ucsc series server, with the intel xeon processors, help us sca
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